LONDON, January 5, 2016 /PRNewswire/ —
Asia Pacific Gold Mining Investment Ltd (APGMI) announced today (Monday 4thJanuary 2016) that it has now completed the process of serving a legal claim against a number of ex-directors
Michael Cunningham and also David Mapley were dismissed from the company on 20thFebruary 2015 at an EGM held in St John, Canada. The board of APGMI then engaged a respected London based legal firm with specialist commercial law expertise, to commence proceedings against the pair.
The claim that has been served states that Mr Cunningham and Mr Mapley mishandled or were negligent in their negotiation of an important contract with an Ethiopian mining company, and have subsequently refused to provide necessary paperwork as legally required.
More specifically the claim outlines that Michael Cunningham and/or David Mapley (from the time he became a Director) breached fiduciary and common law, equitable and statutory duties, and the Duty of Care by failing to act with any reasonable care, skill and diligence while undertaking due diligence and/or proceeding with investment on the basis of the information they received while serving as Directors of APGMI.
APGMI’s claim states that as a direct result of the above breaches, it has suffered loss and damage to its finances, reputation and business operations.
As such, pending disclosure and expert evidence, APGMI is seeking damages and/or equitable compensation to the nature and extent of its losses, as well as an order for delivery of all property and documents belonging to APGMI.
Mr Cunningham and Mr Mapley have 21 working days from the time of the claim being served to submit an appeal via a UK Court.
An APGMI spokesperson said:
“I would like to reassure our shareholders that by taking this action we are following an effective legal route in order to get the company on track and receive compensation for the damage caused by our ex-directors.”
Notes to announcement: